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Higher Open Predicted For Singapore Stock Market

The Singapore stock market has climbed higher in five straight sessions, collecting more than 90 points or 2.8 percent along the way. The Straits Times Index now sits just beneath the 3,255-point plateau and it's got another positive lead for Thursday's trade.

The global forecast for the Asian markets is positive, primarily riding a surge in crude oil prices. The European and U.S. markets was modest gains and the Asian bourses figure to follow suit.

The STI finished modestly higher on Wednesday following gains from the financial shares and a mixed picture from the industrials.

For the day, the index gained 8.61 points or 0.27 percent to finish at 3,254.98 after trading between 3,242.59 and 3,263.65. Volume was 1.09 billion shares worth 1.25 billion Singapore dollars. There were 250 gainers and 193 decliners.

Among the actives, CapitaLand Integrated Commercial Trust climbed 0.51 percent, while City Developments added 0.44 percent, Comfort DelGro spiked 2.22 percent, DBS Group was up 0.25 percent, Genting Singapore slumped0.65 percent, Hongkong Land tumbled 0.91 percent, Keppel Corp surged 2.37 percent, Mapletree Commercial Trust jumped 1.10 percent, Mapletree Logistics Trust dropped 0.57 percent, Oversea-Chinese Banking Corporation rallied 0.91 percent, SATS plummeted 1.76 percent, SembCorp Industries and Wilmar International both lost 0.47 percent, Singapore Airlines sank 0.59 percent, Singapore Exchange gained 0.42 percent, Singapore Press Holdings fell 0.43 percent, Singapore Technologies Engineering tanked 1.06 percent, SingTel rose 0.41 percent, Thai Beverage plunged 1.52 percent, United Overseas Bank collected 0.38 percent, Yangzijiang Shipbuilding soared 2.26 percent and Ascendas REIT and Dairy Farm International were unchanged.

The lead from Wall Street is upbeat as the major averages opened higher on Wednesday, faded soon after but rebounded enough to end in the green.

The Dow added 38.30 points or 0.11 percent to finish at 36,290.32, while the NASDAQ gained 34.94 points or 0.23 percent to close at 15,188.39 and the S&P 500 rose 13.28 points or 0.28 percent to end at 4,726.35.

The modest strength on Wall Street followed the Labor Department's highly anticipated report on consumer price inflation in December. While the report showed the annual rate of consumer price growth once again reached the highest level in almost 40 years, traders seemed relieved the acceleration was not even more significant.

Treasury yields moved to the downside following the release of the report, offsetting some of the interest rate concerns that dragged the markets lower to start the year.

Crude oil prices spiked again on Wednesday, extending gains from the previous session. Oil prices continued to benefit from optimism about the outlook for energy demand amid indications of tight near-term supply. West Texas Intermediate crude for February delivery jumped $1.42 or 1.7 percent to $82.64 a barrel.

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